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Monday, October 3, 2022
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EditorialRecord 47-year high inflation rate

Record 47-year high inflation rate

At a time when almost 70 percent of Pakistan has been submerged in unprecedented flood waters, its wider impact on economy is inevitable. The first blow in this regard is the cost of living which squarely depends on food we consume and resources we use to meet our urgent domestic needs. After the creation of an imbalance in the demand and supply chain due to destruction of road infrastructure and damaging of standing crops, the whole country has been under a severe food crisis. Due to this catastrophic situation, consumer prices rose 27.26% in August breaking a 47-year inflation level, which was last witnessed in 1975. The International Monetary Fund (IMF) has already warned against protests and instability in the country due to rising inflation.

Moreover, inflation in the fuel and energy sectors has been witnessing a persistent rise every month. A latest move by the Shehbaz Sharif government to increase POL and electricity prices will further exacerbate the situation in the coming days and a strong backlash is expected from the general public. Manufactured products are also signalling a worrying wider inflationary trend. The government needs to intervene to bring down the rate of inflation in the country. In the present age, people are suffering from various complications in their lives. Some disheartened citizens even commit suicide due to poverty and inflation. It is very tragic to note that the poverty and inflation rate in Pakistan is increasing day by day and more than 40 percent people within the country are living below the poverty line. After the flash floods, the situation has become so bleak that stories of untold miseries are being heard daily. The masses are eagerly waiting for some relief. With a meagre salary, it has become difficult for the majority of people to make both ends meet. A man with a fixed income finds it difficult to meet all his family needs. He is always in trouble. He cannot think of a way out. The common man is crushed. He cannot meet even his daily requirements.

However, there is always a solution to every problem. In order to put a check on these soaring prices, it is imperative for the government to plug all the loopholes and check black marketers, hoarders and profiteers. These elements are the enemies of the humanity who even took advantage of the misery befalling the poor. Such unworthy elements should be punished. If their avaricious activities are not stopped, the common man will not be able to take a sigh of relief and he will be crushed under the wheel of this price hike.

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